The new winners and losers in business

have emerged as the winners from the chaos of the past three years? Perhaps the most unusual period for business in a generation began in the spring of 2020, when lockdowns brought parts of production to a standstill. A deep but brief recession was followed by a frantic recovery. Then came inflation. A world economy already in the grip of a high-speed cycle is now experiencing the fastest increase in interest rates since the 1980s. Graham Secker of Morgan Stanley, a bank, argues that the policy response to covid-19 has shocked the economy out of secular stagnation—the slow-growth, low-inflation malaise preceding the pandemic—and marks a . It should be no surprise that the business environment has changed profoundly. To take stock of this we have examined which American industries and firms have done best over the past three years, based on stockmarket performance. The headline is that market leadership has flipped dramatically. The have given ground to old-economy tortoises. with the race. Firms once derided as obsolete and sluggish suddenly look vital again.